GBPUSD – Flat
Technical observation
GBP rose to the resistance level 1.2343 but did not break above it, instead it bounced at the same level and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 1.2145-1.2135 and I expect a possible rejection within the zone. My advice, remain flat and wait for a correction to the zone I have mentioned above then buy a rejection within it with your take profit at 1.2343 and stop-loss at 1.2095. If price breaks above the level 1.2343, wait for a pullback and a bounce at it before you continue long with this pair. I can only recommend short positions below the zone 1.2145-1.2135.
Trade recommendation
Wait for a retracement to the zone 1.2145-1.2135 to buy GBP.
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